Real Estate Closing Template

REAL ESTATE CLOSING TEMPLATE

Parties

Buyer Name:

Seller Name:

Property Identification

Recitals

This Closing Statement and Settlement Instructions ("Closing") memorializes the agreements and allocations between Buyer and Seller for the conveyance of the Property identified above. Buyer and Seller agree to close on the terms set forth in this Closing Template and to deliver the items and undertake the obligations set forth herein.

Closing Date, Location and Escrow

Agreed Closing Date: . Closing shall occur at the office of the Escrow/Closing Agent set forth below unless otherwise mutually agreed in writing.

Financial Terms and Allocations

Purchase Price: $. Earnest Money Previously Paid: $ to be applied to the Purchase Price at Closing.

Buyer Deposit to be delivered to Escrow at Closing: $. Balance due from Buyer at Closing: $.

Title, Survey and Insurances

Title: Seller shall convey marketable fee simple title free of encumbrances except those permitted by this Agreement. Buyer shall obtain a title commitment and may raise objections within the title objection period specified by Buyer. Seller shall cure title defects prior to Closing or provide Buyer an agreed credit.

Survey Required:   If checked, Buyer may obtain a survey at Buyer's expense unless otherwise agreed; Seller shall provide existing surveys in Seller's possession.

Inspections and Contingencies

Inspection Period (number of days after Effective Date): . All inspections shall be at Buyer's expense unless otherwise provided.

Closing Deliverables

At Closing, Seller shall deliver: (a) a duly executed General Warranty Deed (or appropriate deed) conveying title to Buyer; (b) affidavits and certificates reasonably required by the title company; (c) keys and access devices; and (d) all documents necessary to remove permitted exceptions. Buyer shall deliver the balance of the Purchase Price, loan documents (if applicable), and any other funds required by Escrow.

Taxes, Assessments and Adjustments

Real estate taxes, assessments, homeowner association dues and other recurring charges shall be prorated as of the Closing Date. Seller shall be responsible for taxes and assessments attributable to periods prior to Closing; Buyer shall be responsible for taxes and assessments attributable to periods on or after Closing.

Disclosures

Lead-Based Paint: Known Lead-Based Paint Present? Yes No .

Known Material Defects: Yes No . If yes, list known defects:

Flood Zone / FEMA: Property located in a designated flood zone? Yes No .

Representations, Warranties and Covenants

Seller represents and warrants that Seller has the full right, power and authority to sell the Property, that there are no undisclosed material defects, and that no litigation or outstanding judgments affect title except as disclosed herein. Buyer represents that Buyer's funds for Closing are available or that financing commitments are in place in accordance with the financing contingency.

Default; Remedies

If Seller defaults in the performance of Seller's obligations at Closing, Buyer may pursue specific performance or recover damages, including reasonable attorneys' fees. If Buyer defaults, Seller may retain the earnest money as liquidated damages or pursue other remedies at law or equity. Parties agree remedies are cumulative and not exclusive.

Indemnification

Each party shall indemnify, defend and hold the other harmless from and against claims, liabilities or expenses arising from breaches of representations, warranties, covenants or obligations under this Closing Template, except to the extent caused by the indemnified party's negligence or willful misconduct.

Notices

Governing Law and Miscellaneous

This Closing Template shall be governed by and construed in accordance with the laws of the state where the Property is located. This Closing Template constitutes the entire agreement between the parties regarding the matters herein and supersedes all prior negotiations and agreements. Any amendments must be in writing and signed by both parties.

Acknowledgement and Certification

Each party hereby certifies under penalty of perjury that the information provided in this Closing Template is true and correct to the best of such party's knowledge, and that the signer has full authority to execute this Closing Template.

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